Compliance & Filings, Simplified.

As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, requires most legal entities, domestic or foreign, to report its Beneficial Ownership Information (BOI).

Here is how this new filing requirement can impact a business:

• Existing LLCs, Corporations, and business entities with an effective filing date established PRIOR TO January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report by January 1, 2025.

• LLCs, Corporations, and business entities created ON OR AFTER January 1, 2024 and before January 1, 2025 must file a BOI report within 90 calendar days of their registration or formation with the Secretary of State's office.

• Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

• This Reporting Rule exempts twenty-three (23) specific types of entities and certain large corporations as outlined in the Small Entity Compliance Guide provided by FinCEN.

Failure to submit this report may lead to fines of up to $500 per day for ongoing violations in addition to, criminal consequences which may include imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity neglecting to file a mandated BOI report may be held responsible for such lapses.